Sec. 10. Prepayment of certain PBGC premiums
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Section 4007 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1307 ) is amended by adding at the end the following new subsection: The designated payor may elect to prepay during any plan year the premiums due under clause
(i)or (v), whichever is applicable, of section 4006(a)(3)(A) for the number of consecutive subsequent plan years (not greater than 5) specified in the election. The amount of the prepayment for any subsequent plan year under paragraph
(1)shall be equal to the amount of the premium determined under clause
(i)or (v), whichever is applicable, of section 4006(a)(3)(A) for the plan year in which the prepayment is made. If there is an increase in the number of participants in the plan during any plan year with respect to which a prepayment has been made, the designated payor shall pay a premium for such additional participants at the premium rate in effect under clause
(i)or (v), whichever is applicable, of section 4006(a)(3)(A) for such plan year. No credit or other refund shall be granted in the case of a plan that has a decrease in number of participants during a plan year with respect to which a prepayment has been made. The amount of the premium determined under section 4006(a)(3)(A)(i) for the purpose of determining the prepayment amount for any plan year shall be determined without regard to the increase in such premium under section 4006(a)(3)(E). Such increase shall be paid in the same amount and at the same time as it would otherwise be paid without regard to this subsection. The election under this subsection shall be made at such time and in such manner as the corporation may prescribe. . The second sentence of subsection
(a)of section 4007 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1307 ) is amended by striking Premiums and inserting Except as provided in subsection (f), premiums . The amendments made by this section shall apply to plan years beginning after the date of the enactment of this Act.
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Sec. 10
Prepayment of certain PBGC premiums
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